Why Fringe Benefits Tax Matters to You
Employers pay Fringe Benefits Tax (FBT) on certain benefits that are provided to their employees, employee’s families and associates. For FBT to apply the person must be considered as a current, future or past employee, a beneficiary or the director of a company. FBT is created for the employee’s benefits and is levied by the employer. We’re […]
A Simple Guide On How To Change The Structure Of Your Business
A simple guide on how to change the structure of your business An inevitable part of business is growth, and as such a business can outgrow the structure it was created under. It is important to look at the legalities of changing your business structure and to have a chat with an expert. Here are […]
Renting Out Part of Your Home – The Tax Implications
There is a significant increase in the number of people who are choosing to rent out rooms within their homes. Not only does it contribute to the mortgage and help cover utilities, but it also fills space that would otherwise be unoccupied. The rent received is known as assessable income by the Australian Taxation Office […]
Christmas-Related Gifts and Parties
Believe it or not, the holiday season is just around the corner! Joyfully, the season of festivities & gift-giving extends beyond home and friends to our workplaces. Some companies choose to host parties exclusively for their employees, but others want to invite associates and/ or clients too – the more the merrier! Before we all […]
QBCC Requires Annual Reporting
The Annual Reporting requirement is part of the new reporting requirements that the QBCC introduced in the 1 April 2019 legalisation changes. The Annual Report The Annual Report asks each licensee to provide the QBCC with Financial Information (essential profit & loss and balance sheet information) from the most recent financial year – for most […]
Single Touch Payroll – from the Employers and Employees perspectives
Single Touch Payroll – For Employers & Employees On 1 July 2018 the Australian Taxation Office (ATO) began the rollout of their new ‘more efficient’ system for employers to report their employee’s wages, tax & super (Employee Obligations) information to the ATO. The Summary This system has been labelled as ‘single touch payroll’ as it […]
Selling your Cryptocurrencies At A Loss
To HODL or not to HODL – that appears to be the question of the day. We have received a lot of questions recently about the income tax consequences of selling Cryptocurrencies for a loss. Your reporting obligations will largely depend on whether you are treated as a Cryptocurrency trader (business), investor or a personal […]
Car expenses you can claim as an employee
Daily Tax Tips – Are you prepared for 2020?? Day 1 – Car expenses you can claim as an employee! As an employee, you can claim tax deductions for your motor vehicle if you use it for work purposes. These include transporting tools and equipment, travelling between workplaces & travelling away for work (“business kms”). […]
Tradies – buy your business a Christmas Present
We all love to give presents to our friends and family during the Christmas period but there has never been a better year to give your business a Christmas Present. In May 2015, the Government provided a significant incentive for small business owners to purchase business assets up to the value of $20,000. What does this […]
Tips to enjoying Christmas with your staff
We all love to spread the Christmas cheer and share the holiday season with our staff, friends & families. Before you provide your employees with Christmas gifts or parties we encourage you to consider the Fringe Benefits Tax implications. Background – what is Fringe Benefits Tax (“FBT”) Fringe Benefits Tax (FBT) is charged to employers that provide employees […]
